Current Situation
“Mobile” payments, i.e. using a mobile or connected device as a proxy for a card or bank account requires access to proprietary technology within a device (NFC) or cooperation from retailer systems (Starbucks) and offers limited incremental benefit over existing methods.
Goals and Objectives
To offer retail payment customers–credit, debit, bill payment, etc.–bank-branded experiences using their existing bank accounts to verify identity and fund payments from a device regardless of whether that payment takes place in-store, online or through a social or text network.
Technology Deployed
- Mobility
- Biometric authentication
- IoT
Use Case Summary
Linking the mobile device to the consumer account at a financial institution in order to make payments across any channel or mode while ensuring the bank remains the funding source and account validator.